While the Ethereum prices skyrocket, the ether gas fees and fuel costly transfers increase-

On October 29, 2021, the second largest crypto-asset, Ethereum, reached an all-time high with $ 4,467 per unit. In the meantime, after the altair upgrade of the Ethereum network has gone live, the ether gas fees have been significantly updated.

While Ethereum tests new price highs, the average ether transfer fees onchain increase up

The two crypto-assets leading after market evaluation have had problems with high transfer fees for many years, but this month the network fees from Ethereum are significantly higher than that of Bitcoin. On Saturday, October 30th, Bitcoins ( btc ) average network fee according to liifocharts.com show data btc fees are at about 0.00000015 btc per byte or $ 3.15 per transaction.

The same web portal-tracking-ether ( eth ) indicates that it will be roughly cost ether ether Target = "_ blank" href = "https://bitinfocharts.com/comparison/ethhereum-transactionfees.html#3y" Rel = "noopener"> 0.012 ETH or $ 50.53 per transaction . The data show that on Saturday morning eth fees are 1,504 % higher than btc network fees. Data from the website l2fees.info are somewhat more modest compared to the metrics of BiFocharts.com. At the time of writing, the move of Ethereum costs $ 18.45 per transaction.

The costs for the transfer of Ethereum-based token and swap token via a smart contract are much higher. According to L2FEES.info, the transfer of the token fee is $ 43.13 per transaction on Saturday and over 94 USD for the exchange of tokens by interaction with a smart contract. The lowest Ether transaction fee of $ 18.45 is still 485% higher than the average btc today.

estimates of the second-layer ether transaction costs and the fees for swap-token

Moving Ethereum with an Second Layer mechanism like Arbitrum or Polygon Hermez is much cheaper than onchain eth in the main network. At the time of printing, ether transactions on polygon hermetic base cost about $ 0.25 per transfer, while the Zkrollup L2 solution costs Loopring's $ 0.74. ZKSync costs a user $ 1.03 per send and the use of Arbitrum One costs about $ 4.21. The fees of the EVM compatible Optimistic Rollup Chain Optimism today are 4.31 USD per transaction.

The use of LOOPRING for swapping tokens on Saturday is also cheaper than the average costs of $ 94 if the Mainset is used by Ethereum. The SWAP token costs of LOOPRING are $ 1.07, the Tickens' exchange is $ 5.54 and the Arbitrum fees for the exchange of TOKEN can cost 7.29 US dollars according to the metrics hosted today. How eth an all-time high, the onchain-fees are after the Altair-Upgrade, the Ethereum on the next proof-of-stake (POS)-transition prepared, higher than usual.

What do you think of the increasing fees for the Ethereum network lately? Let us know your opinion on this topic in the comments below.

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